Newspaper article THE JOURNAL RECORD

Crude Oil Prices Continue Rise

Newspaper article THE JOURNAL RECORD

Crude Oil Prices Continue Rise

Article excerpt

NEW YORK - Contract prices for June delivery West Texas Intermediate crude oil rose for the seventh time in eight trading sessions Monday and the 11th time in 13 sessions on the New York Mercantile Exchange.

West Texas Intermediate crude oil settled 15 cents to 22 cents higher with the June contract at $19.41 a barrel, up from $19.26 Friday.

The price has risen 7.8 percent from $18 April 20 and has not been below $18 since April 14.

In addition Monday, heating oil was .38 cent to .67 cent higher with June at 52.06 cents a gallon. Unleaded gasoline was .25 cent to .54 cent higher with June at 54.15 cents a gallon.

In other related news Monday:

- Iraq is again demanding an OPEC oil production quota equal that of Iran, its Persian Gulf war foe, the Middle East Economic Survey reported Monday in Nicosia, Cyprus.

Issam Abdul-Rahim, Iraq's new oil minister, was quoted as saying in an interview with the respected Nicosia-based oil weekly: "Our position has been and will remain: Iraq's quota should not be a single barrel less than the quota allotted to Iran as long as the war is going on."

"We have sacrificed a lot in the past and we are not ready to make any sacrifices," Abdul-Rahim stressed.

He said Iraq will press its demand at the next OPEC meeting in Vienna June 25 ``if the issue is raised then.''

The weekly quoted Abdul-Rahim as saying Iraq currently produces more than 2 million 42-gallon barrels a day. The survey quoted industry sources as pegging Iraqi production in April at an average 2.083 million barrels a day.

But that output is expected to increase by 500,000 barrels a day when a new Iraqi-Turkish pipeline is completed in the fall, Abdul-Rahim was quoted as saying.

The production ceiling for the other 12 members of the cartel was set at a total of 15.8 million barrels a day.

Iran's quota was set at 2.374 million barrels a day. OPEC sought to limit Iraq's production to 1.543 million barrels a day for this year.

Iraq, insisting that its quota equal Iran's, declined to sign the agreement and was allowed a free hand to produce what it wanted.

Monday's report followed a declaration by the United Arab Emirates' Oil Minister, Mana Saeed Oteiba, last week that his country will seek a higher production quota at the Vienna meeting. …

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